Inflation Hits 31.7%

 The country’s year on year inflation has passed the 30 per cent mark reaching 31.7 per cent in July, says the Ghana Statistical Service (GSS).

Presenting the data for July 2022 Consumer Price Index (CPI), the GSS indicated that inflation increased by 1.9 per cent.

According to the GSS, Transport is in the lead for the cause of high inflation with 44.6 per cent.

Housing, Water, Electricity, Gas and Other Fuels followed with 43.0 per cent; Furnishings, Household Equipment and Routine Household Maintenance with 42.0 per cent ; Recreation, Sport and Culture 33.8 per cent ; Personal Care, Social Protection and Miscellaneous Goods and Services 33.7 per cent and Food and Non-Alcoholic Beverages 32.3 per cent.

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A release by the GSS indicated that six divisions recorded inflation rates higher than the national average.

Food inflation went up to 32.3 per cent in July 2022, from 30.7 per cent in June 2022.

Again, non-food inflation also shot up to 31.3 per cent in July 2022, from 29.1 per cent the previous month.

Similarly, inflation for locally produced items was 30.9 per cent, whereas inflation for imported items was 33.9 per cent.

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“For the food group, Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42.4%); Cereal Products (40.0%); Milk, Dairy Products and Eggs (39.7%); Fruit and Vegetable Juices (37.7%); Live Animals and Meat (34.5%) and Sugar and Desserts (32.7%) recorded inflation rates higher the food inflation rate of 32.3%.

For the month-on-month, the inflation rate between June 2022 and July 2022 was 3.1%,” it said.

Giving a reguona breakdown the GSS said the Eastern region recorded the highest inflation rate of 38.1 per cent, followed by Western and Greater Accra with inflation rates of 37.6 per cent and 35.5 per cent respectively.

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The region with the lowest inflation rate was Upper East 15.7 per cent, whilst Upper West recorded the least inflation rate of 21.2 per cent for the non-food group.

“On a quarterly basis, the average rate of inflation has increased by 10.7 percentage points. In the second quarter of 2022, it stood at 27.0% relative to the first quarter of 16.3%,” it added.

Source : DailyGuide

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